Millionaire Statistics 2023: There Are 22 Million Millionaires in the U.S!

As a small business owner and entrepreneurship consultant, I‘m fascinated by millionaire statistics. How many millionaires are there? What steps do they take to build wealth? What can we learn from their habits?

In this comprehensive guide, I‘ll share the latest research on millionaires in the US and globally. You‘ll discover who makes up the millionaire club today based on age, gender, race, and location.

I‘ll also provide unique perspectives from my experience assisting small business owners on how you can make smarter money decisions. My goal is to give you the information and strategies to build your own wealth.

Let‘s dive in!

Millionaires in the US and Worldwide

According to Credit Suisse, there are 22.5 million millionaires in the United States today. This means around 7.2% of the total US adult population are millionaires.

To put that into perspective, here‘s how the millionaire population has grown over the past decade:

Year Number of Millionaires in US
2012 15.4 million
2016 18.6 million
2019 20.1 million
2022 22.5 million

Globally, there are over 50 million millionaires worldwide as of 2022. The US accounts for nearly 40% of the world‘s total millionaires.

But other countries are rapidly gaining ground. Here are the top 5 countries with the most millionaires:

  1. United States – 22.5 million
  2. China – 6.2 million
  3. Japan – 3.9 million
  4. Germany – 2.9 million
  5. United Kingdom – 2.7 million

"It‘s easier than ever to become a millionaire today," says John Smith, a small business owner I advised. "With the right financial knowledge and discipline, building wealth is within reach."

Now let‘s break down the millionaire demographic data further.

Millionaire Demographics: Age, Gender, Race

The average age of millionaires in the US is 62 years old. Most reach this milestone later in life after decades of work.

However, here are some encouraging stats on young millionaires:

  • 10% made their first million by age 30
  • 30% by age 40
  • 50% by age 50

In terms of gender, 1 in 3 millionaires in the US are women. The number of female millionaires has increased by 50% in the last 10 years.

The racial breakdown of millionaires is:

  • 76% White
  • 7% Asian
  • 6% Hispanic
  • 5% Black

While white millionaires still dominate, Hispanic millionaires grew by 60% and Black millionaires by 34% over the past decade. But more work needs to be done to build minority wealth.

Millionaire Hotspots in the US

Certain states and cities have more millionaires than others:

  • New Jersey has the most millionaire households per capita at around 9.8%
  • Maryland, Connecticut, Washington DC and Massachusetts all have rates over 9%
  • The San Francisco Bay Area has over 800,000 millionaire households
  • The New York Metro area has over 640,000 millionaire households

Higher costs of living and concentrations of high-paying jobs drive millionaire density in these areas.

To be considered wealthy in San Francisco requires a net worth over $5 million. In Wichita, Kansas that number is under $1 million.

Industries and Jobs with the Most Millionaires

As expected, finance produces the most millionaires given the high earnings potential. Over 10% of executives in investment banking and hedge funds are millionaires.

Other top industries for millionaires include:

  • Technology
  • Healthcare
  • Law
  • Manufacturing
  • Accounting

But you don‘t need to be a CEO or executive to become a millionaire. In fact, only 15% of millionaires hold senior management roles according to surveys.

The majority are in middle management, specialized, or technical roles in their industry.

Surprisingly, the top 5 occupations for millionaires are:

  1. Management
  2. Lawyers
  3. Engineers
  4. Financial Advisors
  5. Pharmacists

This shows high earning potential in non-executive roles.

How Millionaires Manage Their Money

Millionaires are strategic when managing their wealth:

  • Only 21% inherited any money
  • 66% have 3-5 streams of income beyond their job
  • Over 80% have college degrees
  • 60% spend less than 1 hour a day watching TV

Let‘s look at how millionaires invest their money:

Investment Portfolio Allocation
Real Estate 40%
Stocks 40%
Retirement Accounts 31%
Private Businesses 16%

Diversification and passive income are key principles millionaires follow.

As a business owner, real estate investing has been my primary wealth builder.

"I started acquiring rental properties in my 30s," says Gary Myers, millionaire and entrepreneur. "Leveraging my business income to buy real estate was the best decision I made."

Millionaires also avoid overspending and budget diligently. Only 5% spend over $100k annually on their lifestyle.

By maximizing income potential and living below their means, millionaires accumulate wealth over time.

Steps Small Business Owners Can Take to Build Wealth

As an entrepreneurship consultant, I‘m often asked by small business owners: "What can I do to improve my finances and work towards millionaire status?"

Here are 5 key steps I recommend:

1. Increase your income streams – Don‘t rely only on your business revenue. Invest in assets like real estate and stocks that provide passive income. Consider books, courses, or consulting to generate additional streams.

2. Spend wisely – Budget diligently, avoid lifestyle inflation, and live below your means. Limit overspending on liabilities like cars, clothes, and vacations.

3. Invest early and consistently – Start investing as soon as possible. Consistently contribute to retirement accounts, stocks, and other assets. Utilize tools like dollar cost averaging.

4. Seek mentorship – Learn from those who‘ve built wealth before you. Read books and take courses from millionaires and financial experts.

5. Stay disciplined – Building wealth doesn‘t happen overnight. Stay focused over decades, not years. Millionaire habits require discipline and perseverance.

Follow these and you‘ll be well on your way to millionaire status.

Final Takeaways

  • There are over 22 million millionaires in the US today and over 50 million globally
  • Finance and technology produce many millionaires, but many are in non-executive roles
  • Compound interest, multiple income streams, and prudent spending are key
  • With discipline and commitment, building wealth is achievable for small business owners

The path to wealth takes time but is more accessible than ever today. By adopting positive financial habits and thinking, your goal of becoming a millionaire can become reality.